I have a charge off with bank of america for $650

Submitted by diem613 on Sat, 02/13/2010 - 00:14
Forums
Credit repair

which also shows a balance on my report. I called BOA and tried to work a payment plan with them or see if they wanted to settle and they were very firm saying they will not work with me, that they have passed it to a collection agency/office. However, this account is somewhat old (5-6 years) and there is no collection agency listed on my credit. My question is will the collection agency settle and/or be able to delete the bad file? Do they report to the original creditor (BOA) and then BOA closes the balance? I have already successfully settled a few other problems on my report, but I'm not sure if this collection agency works for BOA, or if they actually purchased the debt. I just don't want to waste time and money if I pay the collection agency the money and nothing happens to improve anything on my report. Thanks in advance for any help.

Aaron

Hi Diem,

What you can do is check the statute of limitation (SOL) of your state. SOL is the time limit within which a creditor can sue you for non payment of dues. SOL is different for different states, and also varies according to the account. However if the SOL has expired the CA won't be able to sue you, but this doesn't mean that they can stop the collection process.

As for the collection agency (CA), if it is not listed on the credit report, you can report this to the credit bureaus. As the Bank of America has denied dealing with you, you need to contact the CA. You can settle the debt with the CA, after applying for the validation of the debt. Validation will show if the CA actually has the ability to collect. You can request the CA for a "Pay for delete agreement" (PFD).

With the PFD, your account will be reported as either "Paid in full", if you pay the full amount, or "Paid as settled" if you settle the amount to be paid with the CA. It is always better to pay the amount in full. That will have a positi9v impact on your report. The CA will report this to the credit bureaus.

Sat, 02/13/2010 - 06:42 Permalink
diem613

Thanks for your reply.. I have been reading up since my original post. What about the option of an investigation letter to the OE (BOA)? That will make them produce records proving the debt. I've read that a lot of creditors ignore/or just can't produce this evidence/or records being the account is aged and then after 30 days you can send a dispute to the CRA (as long as the tradeline has already been disputed with the CRA). I'm just weiging this option because I have been seeing that this is the loophole most paid credit repair agencies use.. thoughts??

Sat, 02/13/2010 - 11:43 Permalink
cinnamngrl

that is a great idea. THis is a 623 investigation.

1. dispute with CRA
2. send 623 letter
3. if BoA does n't delete/respond then report to the the Office of the Comptroller of the Currency

Don't use a form letter and keep it short and sweet

Sat, 02/13/2010 - 12:26 Permalink
Aaron

Hi Diem,

I agree with cinnamngrl. You can dispute this with the Bank of America, with the 623 dispute letter. If they don't comply you can complain to the Office of Comptroller of the Currency.

Sat, 02/13/2010 - 12:57 Permalink
Aiza (not verified)

Hi i sent an Investigation request more than one and a half months ago, CMRR to Boa, and they have ignored my request. Everything i read points to deletion if they fail to investigate in 30 days., so i am wondering is there a letter (so that i can get an idea of what to request in writing?

Sat, 09/18/2010 - 22:47 Permalink
crorkz (not verified)

hnZnV7 Really enjoyed this post.Really looking forward to read more. Much obliged.

Tue, 08/05/2014 - 06:02 Permalink